Investors poured $7.2 billion into renovations and other upgrades to existing buildings, said the report, while $2.9 billion was spent on developing new buildings.
The report stated: “Taken all together, the construction and investment in multi-family rental buildings and the ongoing operation of these buildings make a substantial contribution to the Canadian economy, producing $24 billion in annual economic activity.”
These activities add to the economy in various ways, including:
• Supporting 140,100 jobs each year.
• Generating $8.3 billion in personal income.
• Generating $5 billion in corporate profits.
• Contributing $3.1 billion in personal and corporate income tax revenues for the federal and provincial governments.
Look for the February/March issue of CREW
magazine to learn how to retire rich by investing in multi-family properties.
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Capital investment in Canada’s multi-family rental sector totaled more than $10 billion in 2013, according to a new report by the Real Property Association of Canada.